Tata Motors to hike passenger vehicle, EV prices by 0.7% from February 1; here's why
The price rise will be effective from February 1, 2024, according to a company release.
- Jan 21, 2024,
- Updated Jan 21, 2024 11:42 AM IST
Automaker Tata Motors on Sunday announced that it will hike the prices of its passenger vehicles including electric vehicles (EVs) by 0.7 per cent. The price rise will be effective from February 1, 2024 in order to partially offset the rise in input costs, according to a company release.
"This increase will be effective February 1, 2024 and is being taken to partially offset the rise in input costs," the company release read.
Earlier this month, the automaker said that its overall global wholesales increased by 9 per cent on-year at 3,38,177 units in Q3FY24. The company's commercial vehicles and Tata Daewoo range registered global wholesales of 98,679 units in Q3 FY24, marking a 1 per cent growth year-on-year.
In the passenger vehicles segment, Tata Motors' global wholesales came in at 1,38,455 units in Q3FY24 at a growth of 5 per cent on-year.
JLR's global wholesales stood at 101,043 units in Q3 FY24, a significant jump of 27 per cent y-o-y. Jaguar and Land Rover wholesales for the quarter were reported at 12,149 and 88,894 units respectively.
Tata Motors clarified that these figures do not include the volume of CJLR, a joint venture between JLR and Chery Automobiles and an unconsolidated subsidiary of JLR.
Moreover, Tata Motors is not the only automaker to hike its car prices. Maruti Suzuki India on January 16 announced an increase in the prices of its cars in India. The company attributed the price hike to the rise in costs due to overall inflation and increased commodity prices.
"While the Company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price shall vary across models," the automaker said in a release. The price hike was announced in November last year but it came into effect from January 16, 2023.
Also Read: Maruti Suzuki increases prices of car models in India; check details
Also Read: Total 2.93 lakh PVs sold in December 2023; Maruti Suzuki, Tata Motors among top sellers: FADA
Automaker Tata Motors on Sunday announced that it will hike the prices of its passenger vehicles including electric vehicles (EVs) by 0.7 per cent. The price rise will be effective from February 1, 2024 in order to partially offset the rise in input costs, according to a company release.
"This increase will be effective February 1, 2024 and is being taken to partially offset the rise in input costs," the company release read.
Earlier this month, the automaker said that its overall global wholesales increased by 9 per cent on-year at 3,38,177 units in Q3FY24. The company's commercial vehicles and Tata Daewoo range registered global wholesales of 98,679 units in Q3 FY24, marking a 1 per cent growth year-on-year.
In the passenger vehicles segment, Tata Motors' global wholesales came in at 1,38,455 units in Q3FY24 at a growth of 5 per cent on-year.
JLR's global wholesales stood at 101,043 units in Q3 FY24, a significant jump of 27 per cent y-o-y. Jaguar and Land Rover wholesales for the quarter were reported at 12,149 and 88,894 units respectively.
Tata Motors clarified that these figures do not include the volume of CJLR, a joint venture between JLR and Chery Automobiles and an unconsolidated subsidiary of JLR.
Moreover, Tata Motors is not the only automaker to hike its car prices. Maruti Suzuki India on January 16 announced an increase in the prices of its cars in India. The company attributed the price hike to the rise in costs due to overall inflation and increased commodity prices.
"While the Company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price shall vary across models," the automaker said in a release. The price hike was announced in November last year but it came into effect from January 16, 2023.
Also Read: Maruti Suzuki increases prices of car models in India; check details
Also Read: Total 2.93 lakh PVs sold in December 2023; Maruti Suzuki, Tata Motors among top sellers: FADA